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News about Mortgages:
Some residents live in fear of foreclosure - Register CitizenElizabeth Jamieson is a self-employed foreclosure inspector. Usually, an inspector visits 100 homes or so per month. Last month, Jamieson inspected 200 houses. “I am the first person who finds a vacant property. It’s an eerie sight,” she said ...
Bill Jamieson: Plunging economy makes the case for halving rates - Scotsman.comWE KNEW it was going to be bad. Just how bad is already looking a lot worse than we have bargained for. Latest pointers yesterday leave in no doubt that we are in the sharpest and most severe recession in living memory. There are now huge falls in ...
Bill Jamieson: Why 'cures' could kill the global economy - Scotland on Sunday OnlineANAGGING doubt is beginning to worm its way into the minds of finance ministers and central bankers as they survey the wreckage of 2008 and the worst financial firestorm for a generation: might all the policy interventions have made the fall-out far ...
RBS doubles grace period to six months for homeowners - HeraldThe Royal Bank of Scotland yesterday pledged to give struggling homeowners a six-month period of grace before launching repossession action, prompting calls for other lenders to "raise the bar". As MPs put pressure on banks and lenders to follow the ...
Today's Mortgage Terms starting with L
Lender: The bank, mortgage company or mortgage broker providing the loan.
Loan Application: A statement of personal and financial information needed to apply for a loan.
Loan Application Fee: A fee applied by a lender to cover the initial costs of putting through a loan application. The fee could include the cost of getting a property appraisal, a credit report and a lock-in fee and other closing costs incurred to complete the transaction.
Loan Origination Fee: Fee charged by a lender for the administrative costs of processing a loan.
Loan to Value Ratio (LTV): The balance of the mortgage outstanding as a percentage of the home's price.
Lock or Lock In: A lender's guarantee of an interest rate for a specific period of time. The time period is usually between the loan application approval and loan closing. The borrower wants the lock to stay in effect until closing.
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